PROPOSALS FOR PLANS FUTURE 11111IN"i", N
"d'J I<I 1 1"I t I:°°°l l F ",,I
faaratraary 6, 7111
fW ar cl a:rl.°1°rrlw ee
(IQ of'CIwuAk,r,,ter° l°ircman's Rc°1sef& Pension Fund
P. t t. 1% 4748
G Ia ire- rata, FL 3)3'758-4-7,48
a.rlj�cc:,t: Proposals ti r the Plan's Future
1 exr.d"roasteesr
his year urraarl s Mown & Company's 30" ycem of,sav ice to the plan, tier which r, c; are
very graahAt 1, f,Jrrrlcr curr'rCill lacta.raar'Iaal rrrctlrods,and aaNsurarl76c'ns t1'1c p"alarrl is sIrmvn to have ,tssos rr"a.
c:xa ess OF actuarial Iiaallulide amd to be mW positioned to pay all f'artume h rrc f its as tlrcy came clr.rc;.
t Wrier We currrcrrt en ircrr nie rt of cxpaccwticrrlw, only % rrcmt unlikely ly ol'cvcrrts would trigger flic
need liar aaalclitiorraal Wrrg hvni tl e(',
We have taken rraurcla p 1cmirre and pride in both the Grro N ionaul ru:arcl Tc lremW aqw0s cif'
guar c;olrSl:rltirag rAllionshilr �,Nrit r the 'ru slec s aarlcl Te(Ty and Warallcp VCrY ulaalcll like to corrtirauac zis
Ilie P alrr's actuary for the 1'i»ataare.
Due to the new regulations under r G iASH 67 and 68 that rccpuake l pin lrlfbrrrnatioaa to be
urpclartcecp to of We °[ty's fiscal year end, u,a c are proposing,changing the vaaa xit,iorr chats: 1 ra:araa .Ira.rraara.r �°
I" uc) October I st to eliraapriaatc tlrc additional wrA to update plan values to the fiscal year end.
Addiiiorlarlly, we propose returnin:a",to an ra. nuiaul vaalaa,rtion ort e pryer in order to anore efficiently
cOrr Ply vJrh the 'nev,, GAS13 a-Cpaor°tirl .r'ccarir°crrlcrlt .
C: rnsicica•aaticros that have lccl urs to this are:
I. Other tlraaul t:lc errrinirrg plan 1 ualmviaa.l reporting periods, we do niot see any practical
use of the -1 4aara Yew" tam. /"ill benef is are long since fully ziccraaed and it is our
understanding, benefit increases me aIlvar'Cled CITective at the sarne time that cIctive
salary increases are awa.ardaL Mouat rcgarrrcl to -Plan Yc"al:r7 Accordingly, we see
no alcturaariarl impact ofdiaLnong Orc.° Mari 'Year,
2.. We can Iron no cic,liraidon of"Man Yearr" in the Florida l..mv goverrrirag the l''la n.
We are unaa aarc ofa any City (SHrraance govenAng ta:ac Knit Why yr couarasel
concurs, there v,vcoualcl semi to he no imp edinient to t he 1'ausices clan inn tlac Ilan
year by aaclrWrAssaadve acct on.
3 e do not 116reseca an), insuarniourrrtaal"se objection Sm the SUN S lrlarri& ac�tuaariaul
revic\v in making such as clraan(ge, as we see needier°aa.c tuaarri a.l iraalraact nor aarry,adverse
el lu"c't on Man I"cArrr°pwrs,
,"w;, h"r", 'r"o"d Visl i. l 6 .1..LI ,www Rad� VW w h - ( "Is wrwm . 11. 3 WO O 7 ?1 441 1'S its - Ax (NA l 44 I 3901
Ac n A1 hK AN" II NQ on I (° 11:1`F:I v C UP r JBoard of"Trustees
a nurap, 26, ?t. 1
Page 2
se c°om aufu lairutaiutitrht 111C Phir), rVOUlcl l:rc° reduced l)y,eliminating off-plan-yc)aar
(ia"SB updates, EK)th in tc.rnis trl:mclirut actruar,ial aeons uhingl l(-"Cs au:rrrl indirect
internal cmxi)+a°r ses or me (jq 11 ruwruu e Delmirnew's a ac°c:aruntung chores. l'odi the
Cl y and Me lalaurt Warulcl cwrrjary aMI'le S3"1uutl,aa.
5. The change would lac° c 1'ec;ted On a Slra:)rt l)lun Year CoNrs:rin a iess-than-full y a r
period fr•oni.laruuuat;r°y( 1 to cpteu,+cr30. We l)rcrl)crse die 1 ustcacas clackwe tl)au ;slacwt
par tc:r be the period ll°oni Jaruruuary 1, 2014 to Scptcnibc r .alt. 20,14, We 8,re uurd0"
the uundc^rslau:r)a.liru tl)art this vvouu cl be aac:acvptaubk to the ( ity %rrruuc lklrururtrnou.
"This s opticrrr yvoulcl aullom,us U)crxpurrc�l the work alre,,'idyr a.lor"»c to do the (JA
t.rldaute this )wam Qtohcar, saving tlrc: racrM oftu liull V�,duartiot) on Jla.rrutal; 1, 2015.
°i.
We lia ve cliscausarcwal this rrrautter x; itlu Pwr`n Jay NO= Hnarnce krc),ctor a)rthe ch,t ot,
("lca;u:r.vaster atnd believe tlMI the Coy Finance l t)l-ra'murtcwrrt vVouulcl M"tipport Such ar
c ha ngo We have Kemal flue: data gauthrr:rur) "r"WaslarartEaHr ltcra`tAry timing schedules
% ith NAr-. Raviuw a:ml jointly clan not 60reroc°c° tirrriruga pt'oblc.mis in that regard.
7, c recouirr-r rrcl diart to Trustees request (xuorr'I'ulic nt auurcl advice from dice City
l"niarurce and Legal Departments on each r ortlmrme c;ona iderauttaruza"b. Allier- legal
aspects me irr°a;ohOLL a r1-rpuhQutu: lcgata opinions should lie obtained, as We are not
attorneys a)w:l caauuurrc)t givc legal arc.lviv:c,
8 'u are available to aunss vc r alr.uesdours tlrc Fr u tc.es uxiay luau:vc; on this issue or to
ctu au ;aa irr l`ur°tltCr-cliwcaus si�ons on the ranter Slraaulcl talc;°l rutaatCCS Or tluc°C'it) WiSh U)
do so, As ar pleaumni courtesy urtesy try an old cH ur4, vve have not thilvcl any charges l'a "
oUr%N101'lc or'r this ur°uaattaar up through this letter; our regular hourly-a"caes ",oulcl a pp) y
boost this point.
It is our rrrrdc)u°sUnichng that Go Board has been p1t aased whh sera° l)ricrr nu l iplc°year
a rrarngc)u1tcruts rr:rrcler VdAc h vve have been ol°rma dnj At;mclirrjly, and insumirrg the impletneuttartMn
o fourr r'c)conurne tdmicu n alrme. MV Prolrara»c;, the lRouvigv lcc s kw ar transition valuation and three
lur'ture arr"rCr"rr.WA `t'arltraatr4)r1aa:
hrulua nc;c Oc,tcrber° 1. 2014 uul clattC tc) Full r°alrcrri: $5(H)
October 1, 2015 S1500
20l try 2,50 0,
2017 2,5001
As,, lrcwior"'c, tlrrs Nr~ouuld he assming no u'fnirrteu rarl changes oc"t:u.r during tyrant thne in r°a»1)oilin
1"glVprern�'.Sits.
reinns)s arurci c inAtions m:milcl lie the same e a s our current contr�aarc;t,
lfyo a find this proposal acceptable to the Plan, lrlctuse c;ountvr.si tr (prit; letter to show your
aagmc rnc nt to tlauc r crrrewaul of our rcalartiamQ).
VdI,,r,' - '�k L t,m ww R i t - M h - ( 'IG S#�w w a Al. 1 R Y— 027) 411 152h - ON (727) 141, ON,
Board orrrustees
e
Janua�q 26, 20
Page
I test Regards,
CorrsrA nrra. . .c: airy
4 A Am 1,
Enclosures
Accelmad by die 'llukees
)I,. Ltowfwrw K,no . "HO I m'ma ,, A H 6 (NO 441&M tax (7,'` ) 11 3904
Firefighters' Pension Plan
ActuarW Fees
Valuation Date Valuation Fee Acidt"I Studies Po stagy (L etc, TotaA
lf"1/1997 $ 3,00MO 3,000-00
1/1/1998 3,000,00 3,,000,00
3./l/1999 3,01010,00 500,00 3,500M
1/1/2000 3,501C1010 3,500M
V,L/200,1 3,5001,00 SOOM 4,000,00
1/1/2002 3,500M 15M $ 3,515.00
1/l/2003 3,750,00 1,440M 15.06 $ 5,2015.06
I/l/2004 3,750M 15,85 $ 3,7 6 5.815
1/l/2005 .3 p 7 150-0 0 &!30 $ 3,7 58-50
l/3/2006 3,950M $ 3,950M
1/l/2007 3,950-00 $ 3,950-00
3./l/2008 3,950.00 793.75 10,15 $ 4,75190
1/l/2009 $1
11112010 4,300,00 5,75 $ 4,:x'05,2'5
/l/2 '12 4,60M0 69M0 T50 $ 5,297.50
I/l/20,13 $ -
1/1/2014 4,900,00 900.00 T50 $ 5,80 .50
9/30/201,4 500,010 $ 50OM
Proposed
10/1/2014 500.00
10/1/2015 2,50M0
10/l/2016 2,500.00
10/1/2017 2,500M